New York-based economist and cryptocurrency skeptic Nouriel Roubini says he’s working on developing a tokenized asset offering to act as a store of value — potentially replacing the US dollar’s role in the global economy.
Rouibini, who is CEO of Roubini Macro Associates, is known for his bearish outlook on markets and on cryptocurrency in particular. Yet he told Bloomberg in an interview on Monday that he’s working on a tokenized dollar with the Dubai-based company he co-founded, Atlas Capital Team.
The tokenized dollar replacement aims to take advantage of growing concerns over inflation as well as the dwindling dominance of the US currency globally. However, unlike a typical cryptocurrency, Roubini says that the coin would be backed by real assets.
“We recognized that America’s dollar reserve currency could be at risk and are working to create a new instrument that’s effectively a more resilient dollar,” Roubini told Bloomberg.
Set to be released later this year,
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